You are not the only one
CFO turnover is high. Russell Reynolds Associates counted 262 global CFO departures in 2025 among the companies it tracks, above its seven-year average of 250. In private equity, Accordion reports that sponsors have historically seen CFO turnover around 75% to 80% after a deal. A CFO leaving is common. Losing control of cash because of it is not inevitable.
Hours 0 to 24: protect access and cash
- Bank access and signatories. Confirm who can move money, approve wires and release payroll. Add a second authorized signer if the CFO was the only one.
- Systems access. ERP, banking portals, payroll, tax portals, the lender's reporting portal. Make sure credentials don't live only with the departing CFO.
- Payroll. Confirm the next run is funded and someone else knows how to approve it.
- Notice period. If the CFO is working out notice, agree on a handoff list today: open items, upcoming deadlines, relationships and where every file lives.
Hours 24 to 48: see the whole picture
- A 13-week cash forecast. If one exists, have someone else walk through it. If it doesn't, build a simple one. Every decision for the next month depends on it.
- Debt and covenants. Pull the credit agreement. Note covenant tests, reporting dates and anything that triggers on a change in key personnel.
- The calendar. Month-end close, audit timing, tax filings, board meeting, any refinancing or fundraising already in motion.
- Payables and receivables. Know what is due and what is late, both ways.
Hours 48 to 72: tell the right people and decide on cover
- Board and investors. Tell them directly, with your plan. They will be calmer hearing it from you with a forecast than from someone else without one.
- Lender. A proactive call protects the relationship. Lenders mainly want to know that someone accountable owns the numbers.
- Your finance team. Name who is in charge day to day. Uncertainty drives more departures.
- Decide on cover. Your options are below.
Your options for covering the seat
| Option | When it works | Watch for |
|---|---|---|
| Promote the controller temporarily | Strong controller, stable business, no transaction | Gaps in strategy, lender and board work |
| Interim CFO | Cash pressure, lender scrutiny, transaction, audit trouble | Make the handoff plan part of the start |
| Fractional CFO | Stable books, you mainly need senior judgment part time | Not enough hours if things get tight |
| Straight to search | Strong team can hold for months | The gap while you search |
Interim CFO providers publish their own first-week playbooks, and they are worth reading. One provider, Eightx, describes securing banking access and debriefing the outgoing CFO in the first 24 hours, then confirming covenants and payroll by day two. Whoever you call, ask them for their first week in writing.
When TPG is not the right call
- Your controller can carry it and the business is steady. Promote internally for now and run a calm, retained search.
- You need a permanent CFO and have time. Go straight to search.
- You only need help closing the books for a month or two. A finance or accounting firm will do that well and for less.
- A lender is pushing toward formal restructuring. You want a turnaround firm and a chief restructuring officer, not an embedded operating team.
TPG fits when the CFO's exit lands on top of something else: tight cash, a missed plan, a recent acquisition or a sale ahead. Then the seat needs an operator working inside a team, with a planned handoff to your permanent CFO.
The Proper Group
The Proper Group is a national collective, headquartered in Cincinnati, that places senior operating executives inside companies at the moments the current team can't carry: cash pressure, a missed plan, a closed deal, a leader gone. One accountable lead runs the team, the executive who diagnoses the problem can embed to fix it, and every engagement is built to hand off to the client's own leaders.
Frequently asked questions
What should I do first when my CFO resigns?
Secure bank access and signing authority, confirm payroll is covered and get a current view of cash.
Do I need to tell my lender?
Check your credit agreement, since some require notice of key personnel changes. Even when it doesn't, a proactive call usually helps.
Should I hire an interim CFO or start a search?
Often both. An interim keeps the business safe and helps define the permanent role while the search runs.
Can my controller step up?
Sometimes, for a stable business without a transaction. The usual gaps are board communication, lender relationships and strategic planning.
What is a 13-week cash forecast?
A week-by-week view of cash in and out for the next quarter. It is the main tool for managing through a finance leadership gap.
Next step: If the resignation lands on top of cash pressure, a Cash Protection Sprint gives you a fixed-scope, two-to-three-week read on where you stand. Let's talk.
Contact The Proper Group